With increase in urban population Frank Thomas White Sox Jersey , there is a rising demand for urban transport, especially metros, monorails, and light trains. Alternatively Early Wynn White Sox Jersey , the growing demand for luxury and comfort has increased the electrical applications in passenger coaches. All these factors together are projected to drive the demand for railway batteries in the coming years. The train battery market is projected to grow at a CAGR of 5.15% from 2018 to 2025. From a market size of USD 470.5 million in 2018, it is projected to reach USD 703.2 million by 2025.
Rolling stock is a highly regulated industry and most of the countries have a regulator body that sets the standards for the battery type that can be used in trains. Adoption of new battery types such as lithium-ion would be slower in countries with nationalized rail network and few private players.
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LITHIUM ION BATTERIES: A PROMISING BATTERY TYPE FOR RAILWAYS
Lithium Ion batteries have a lower discharge over a time period compared to lead-acid and nickel-cadmium batteries. Hence, they are more efficient compared to other battery types. These batteries are also lightweight, have better insulation Derek Holland White Sox Jersey , longer operating life, and are maintenance free. Lithium-ion batteries achieves this with the help of an additional electric heater that helps raise the temperature substantially. Russia, the UK, Germany David Robertson White Sox Jersey , and Japan have started using lithium-ion batteries in railways as they lead to smoother rail operations compared to other battery types. Over the projected period, other countries would also follow suit as lithium-ion batteries have various advantages over other battery types. Developed countries are expected to quicken their adoption of lithium-ion batteries in rail transport compared to developing countries because of regulations and the higher costs associated with the adoption of lithium-ion batteries. Thus, lithium-ion batteries is a good opportunity for battery manufactures to increase their share in the train battery market.